Conpet Ploiesti proposes its shareholders dividends worth EUR 6.4mln

The representatives of the Board of Directors of Conpet Ploiesti (COTE), the operator of the national petroleum products transmission system, have decided to distribute this year to shareholders dividends worth a total of RON 28.3mln (EUR 6.4mln), i.e. 85% of the past year’s profits, which amounted to RON 30.9mln (EUR 6.9mln). Conpet Ploiesti has selected Broker Cluj (BSE: BRK) as broker to transfer the shares from the RASDAQ market to the main market of the Bucharest Stock Exchange (BSE). Conpet is currently the second company on RASDAQ in terms of market value, with a market capitalization of EUR 70mln. The company is controlled by the Ministry of Economy, which owns 59% of the shares, stake to be most likely taken over by the future Energy Ministry. The Property Fund also owns a 30% stake, the remaining of 11% being held by the small shareholders. Conpet last year posted a turnover of RON 342mln and a net profit of RON 28.6mln, the company having a stable dividend policy in recent years.